A Totten trust, also known as a payable-on-death (POD) account or an informal trust, is a type of bank account that you can set up to transfer funds to a designated beneficiary upon your death. Accounts that are covered by this type of trust shouldn’t be included in a...
Estate Planning
Why Should You Consider Setting Up A Revocable Living Trust?
If you’ve never been through the estate planning process before (or even if you’re just updating things now that you’ve reached a new stage of life), there’s one word that can be used to describe it: Confusing. It doesn’t have to be this way, though. Working with...
Who has a fiduciary duty to an estate?
Estate planning is the legal process that largely revolves around distributing your assets upon your death. That being said, there are also other aspects. For example, you can assign someone to manage your healthcare needs and financial interests should you become...
Can a trust be rendered invalid?
A trust is a legal entity that enables you to give another person the right to hold title to your assets and property for the benefit of your beneficiaries. When done right, a trust can help protect your assets and heirs from probate court and creditors....
Could a spendthrift trust solve your estate-planning problems?
You love your family members equally, but you have no illusions about some of their weaknesses. Some may be in the grips of a substance abuse disorder or married to partners who have absolute control of the marital finances. Others may just be bad at managing their...
What are your options if you inherit an asset that you don’t want?
It’s not uncommon for people to draft their wills and other estate plan documents without consulting family members and others about whether they want and/or can use the assets they’re leaving them. As a result, you may have recently come into possession of an asset...
Are electronic or digital wills recognized in Washington state?
In Washington, digital wills are allowed and recognized. In 2022, the uniform electronic wills act took effect, allowing testators to create and execute wills essentially from the comfort of their homes. Since most people live busy lives, digital will execution sounds...
What role does an irrevocable trust have in an estate?
Estate plans are the most effective way to pass down assets to your loved ones when you die. These plans have several different components that work together to make your wishes known and enforceable. One of the tools that you might use when you’re setting up your...
How do pour-over wills work?
If you are planning on using trusts as part of your estate plan, you should also consider a pour-over will. These can help you ensure that you account for all of the assets you own when you die. It is essential if you base your estate plan on a trust rather than a...
Simple will options for married couples
If you’re a married couple who’s been together for many years and want a simple estate plan, you may be considering a joint will. You likely want whichever spouse outlives the other to inherit all your assets and then pass them on to your children or favorite...